Apple 2000 Annual Report Download - page 63

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 11--EARNINGS PER COMMON SHARE
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except net income (loss) and per share
amounts):
Options to purchase 2.5 million, 2.4 million and 13.4 million shares of common stock were outstanding at the end of 2000, 1999, and 1998
respectively, that were not included in the computation of diluted earnings per share because the options' exercise price was greater than the
average market price of the Company's common shares for those years and, therefore, the effect would be antidilutive.
60
SEPTEMBER 30, SEPTEMBER 25, SEPTEMBER 25,
FOR THE YEARS ENDED 2000 1999 1998
------------------- -------------- -------------- --------------
Numerator (in millions):
Numerator for basic earnings per
share--net income.................. $ 786 $ 601 $ 309
Interest expense on convertible
debt............................... -- 28 43
-------- -------- --------
Numerator for diluted earnings per
share--adjusted net income......... $ 786 $ 629 $ 352
-------- -------- --------
Denominator:
Denominator for basic earnings per
share--weighted-average shares
outstanding........................ 324,568 286,314 263,948
Effect of dilutive securities:
Convertible preferred stock........ 17,914 18,182 18,182
Dilutive options................... 17,842 11,638 8,420
Convertible debt................... -- 32,194 45,284
-------- -------- --------
Dilutive potential common shares..... 35,756 62,014 71,886
-------- -------- --------
Denominator for diluted earnings per
share--adjusted weighted-average
shares and assumed conversions..... 360,324 348,328 335,834
======== ======== ========
Basic earnings per share............... $ 2.42 $ 2.10 $ 1.17
======== ======== ========
Diluted earnings per share............. $ 2.18 $ 1.81 $ 1.05
======== ======== ========